In 2016, we expect a 3% recession in Azerbaijan, World Bank Chief Economist for Europe and Central Asia (ECA) Hans Timmer said at a videoconference in Bucharest.
The World Bank expects economic growth of 3% in the next two years. “Because of this, we expect zero growth in the economy of Azerbaijan in these three years,” he said.
Mr. Timmer also said inflation in Azerbaijan will be double-digit this year, and in the next two years it will stabilize.
“Now there is a process of balancing price and inflation is related to the sharp rise in import prices,” he said.
Mr. Timmer stressed the World Bank recommends to stabilize the financial sector. “Falling oil prices also have a negative impact on the banking sector. There is a need to restructure the banks. The volume of problem loans has increased. Measures should be taken in the medium and long term,” he said. --71D
Economics
-
Kazakhstan’s budget airline FlyArystan has launched ticket sales for the Baku-Astana-Baku route ahead of the summer travel season, the airline’s press service said on Monday.
-
In late February, the governments of Pakistan and Azerbaijan are expected to sign an investment agreement worth $2 billion, which will include several projects with SOCAR (State Oil Company of Azerbaijan). According to Turan, the energy cooperation projects discussed in January in Islamabad and Baku will feature in the agreement. These projects include energy efficiency initiatives, the construction of a pipeline, and SOCAR’s plans to explore the creation of underground gas storage facilities in Pakistan, as well as documents provided by the Pakistani side related to the exploration and extraction of hydrocarbons in the country.
-
Azerbaijan continues to face an acute water shortage that affects both drinking and irrigation supplies, a problem that, despite frequent media attention, remains unresolved. Farmers are particularly feeling the pressure.
-
BAKU, Feb 3 (Reuters) - Representatives from Azerbaijan’s State Tax Service (STS) participated in the latest session of the working group on tax, customs, and legal issues hosted by the German-Azerbaijani Chamber of Commerce.
Leave a review